GNPG Highlights for the 1-st quarter ending June 30, 2010:
-- Gross Margin increased from 11.8% to 15.4% representing an increase of 30.4% from the prior year. -- Selling, General and Administrative Expenses decreased by 32.2% which represent a reduction of approximately $1.15 million from the same period last year. -- Interest Expenses decreased by 50% as compared to the same quarter last year. -- Cash used in operations was $113,000 for this quarter versus cash provided by operations of $1,378,000 for the prior quarter while reducing the net loss from the prior quarter by $5,325,000 to $1,979,000. -- The Company has successfully negotiated an interim repayment plan regarding past due taxes with the IRS.
"The Company is now transitioning into profitability," stated Edmond Lonergan, Green Planet Group CEO. "Even though the staffing industry has seen a reduction in business activity of approximately 40%, and Lumea's revenues were similarly impacted, Gross Margins increased by 30% primarily because we terminated low margin clients. S, G & A expenses also improved substantially which reflected our efforts to reduce overhead, close unprofitable locations and improve overall efficiency," continued Mr. Lonergan. "In addition, the projected revenues from our high tech, fuel efficiency and emission reducing technologies will begin to positively impact Green Planet's revenues in September and subsequent months."
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